Top Car Insurance Companies In The Philippines: 2020 Update4 min. read
Can you remember McDonald’s tagline before their most recent one, “I’m lovin’ it”? It’s “Billions and billions served.”
No, we’re not trying to show you how tito and tita we are. What we are trying to prove is: The reason why McDonald’s has been the No. 1 name among hundreds of fast food chains for 80 years and counting is because they’re able to consistently serve good burgers to many people for a long period of time.
Now let’s apply this analogy to car insurance companies in the Philippines.
Currently, there are 60 non-life insurance companies operating nationwide, regulated by the Insurance Commission (IC). Now if you’re shopping for car insurance, that’s a lot of companies to keep track of.
One way you can whittle down the list is to find a car insurance company that’s reliable, always available, and has a proven track record. How can you do that? Actually, you don’t need to do anything as we already did that job for you.
As we do every year, we publish the rank of each car insurance company based on the following categories that we believe best reflect how well they performed:
- Gross and Net Premiums
- Net income
Why do we do this?
Consider this part of our service to the public. Because an auto insurance company that performs well can be trusted to do things right by its customers who “invest” in them by paying those hard-earned premiums for each policy handed out.
So the next time you shop for car insurance, you can use the information you’ve gathered here to help you decide which provider is going to cover your vehicle for at least the next 12 months.
Best car insurance companies in the Philippines in terms of assets
One way to measure a company’s stability is by the number of its assets. Why? Think of it this way: assets are all the available possessions or properties that a company has under its name.
This is how their value is measured because an asset has a direct money value—you can flip any asset for cash. So the more assets a company has, the higher their worth becomes and there’s less likelihood for it to fail because only assets can create more assets.
Now let’s take a look at the top 10 ranking of non-life insurance companies in terms of assets as of June 2020:
- Malayan lnsurance Company, lnc: ₱33,679,727,308
- Pioneer lnsurance & Surety Corporation: ₱30,906,423,915
- Prudential Guarantee & Assurance lnc.: ₱15,108,238,073
- BPI/MS lnsurance Corporation: ₱12,541,056,985
- Charter Ping An lnsurance Corp.: ₱11,377,885,961
- PNB General lnsurers Company lnc.: ₱8,042,855,957
- FPG lnsurance Co. lnc. (Federal Phoenix): 6,409,120,752
- AIG Philippines lnsurance lnc.: ₱6,294,202,311
- PGA Sompo lnsurance Corp.: ₱4,480,742,616
- Standard lnsurance Company lnc. ₱4,468,675,804
Compared to the ranking we did, we now see Malayan overtake Pioneer as numero uno in terms of total assets. This time we see a new entry on the top 10: PGA Sompo Insurance, starting strong at No. 9, while Standard Insurance dropped from eighth to 10th.
Also, every company on this list seems to have experienced growth in the total value of their assets, except for Standard Insurance. So it’s safe to say that for the most part, business has been good.
Top auto insurance companies in terms of premiums written
In this category, we take a look at the “premiums written” or the receivables an insurance company can collect through payment from their customers for the insurance policies they issued during a certain period. In other words, this is a good indicator of an insurance company’s activity level.
Gross premiums written are the total policy value they’ve written. While net premiums written is gross premiums minus the commissions earned by third parties like agents, brokers, or reinsurance companies.
|Company name||Gross premiums written (in PHP)||Net premiums written (in PHP)|
|Malayan lnsurance Company lnc.||10,964,321,747||4,327,544,494|
|Prudential Guarantee & Assurance lnc.||9,828,403,865||5,224,193,289|
|Pioneer lnsurance & Surety Corporation||9,295,577,149||3,033,380,361|
|BPI/MS lnsurance Corporation||5,815,684,492||3,042,249,214|
|Charter Ping An lnsurance Corp.||5,671,051,665||3,904,594,241|
|FPG lnsurance Co. lnc. (Federal Phoenix)||5,304,459,556||2,961,648,862|
|Standard lnsurance Company lnc.||3,785,702,222||1,759,825,149|
|UCPB General lnsurance Company lnc.||2,917,109,354||1,783,702,491|
|Pacific Cross lnsurance lnc. (Blue Cross lnsurance lnc.)||2,729,792,941||2,590,068,870|
|PNB General lnsurers Company lnc.||2,471,992,861||491,139,592|
Looks like Malayan takes the cake on this one again with the most gross premiums written. But nothing to feel bad about for the other nine on this list: they all got an uptick on gross premiums written compared to the last submitted annual statements.
Best vehicle insurance companies in the Philippines in terms of net income
Probably the most important category in the bunch, this ranks the companies who earned the most from one to ten.
- BPI/MS lnsurance Corp: ₱448,688,605
- Malayan lnsurance Company lnc.: ₱349,639,803
- Prudential Guarantee & Assurance lnc.: ₱313,361,025
- Card Pioneer Microinsurance lnc.: ₱313,250,103
- Pacific Cross lnsurance lnc. (Blue Cross lnsurance lnc.): ₱224,673,685
- Standard lnsurance Company lnc.: ₱191,158,820
- Pioneer lnsurance & Surety Corp.: ₱177,820,705
- lnsurance Company of North America: ₱171,611,076
- MAA General Assurance Phils. lnc.: ₱137,998,041
- Philippines First lnsurance Company lnc.: ₱116,996,976
Compared to the last ranking we’ve made, we see that the same companies occupy the same positions more or less. If there is movement on the rankings, it’s just by one or two positions. Perhaps the most telling observation is how every company actually grew their business year to year.